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DISCONTINUED OPERATIONS | 3 Months Ended
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Mar. 27, 2022
Discontinued Operations and Disposal Groups [Abstract] |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS On March 21, 2022, the Company sold substantially all of the assets and certain liabilities of the Light Industrial segment (“InStaff”) to Sentech Engineering Services, Inc. (“Sentech”) for a sale price of approximately $30.3 million cash, subject to customary sale price and working capital adjustments specified in the purchase agreement. The purchase agreement further provides for deferred consideration of $2.0 million one year following the date of the acquisition. The sale resulted in a gain on sale of discontinued operations of $17.3 million. The Company will provide certain back-office services to Sentech for a limited period of time. The Light Industrial financial results for periods prior to the sale have been reflected in our Consolidated Statements of Operations and Comprehensive Income and Consolidated Statements of Cash Flows as discontinued operations. Additionally, the related assets and liabilities associated with the discontinued operations in the periods presented are classified as discontinued operations in our Consolidated Balance Sheets. The financial results of InStaff are as follows (dollars in thousands):
| Thirteen Weeks Ended
| March 27, 2022 |  | March 28, 2021
Revenue | $ | 16,465,067 |  |  | $ | 17,961,498 |
Cost of services | 14,143,775 |  |  | 15,361,476 |
Gross profit | 2,321,292 |  |  | 2,600,022 |
Selling expenses | 1,062,044 |  |  | 1,420,920 |
Depreciation | 24,252 |  |  | 23,432 |
Income from operations of discontinued operations before taxes | 1,234,996 |  |  | 1,155,670 |
|  |  | December 26, 2021
Carrying amount of assets included as part of discontinued operations: |  |  |
Accounts receivable |  |  | $ | 7,198,104 |
Property and equipment, net |  |  | 201,012 |
Deposits |  |  | 35,784 |
Right-of-use assets - operating leases |  |  | 303,660 |
Intangible assets, net |  |  | 1,648,000 |
Goodwill |  |  | 5,024,820 |
Total assets classified as discontinued operations |  |  | $ | 14,411,380 |
Carrying amount of liabilities included as part of discontinued operations: |  |  |
Accrued payroll and expenses |  |  | $ | 1,129,448 |
Lease liability, current portion |  |  | 132,608 |
Lease liability, less current portion |  |  | 190,395 |
Total liabilities classified as discontinued operations |  |  | $ | 1,452,451 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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